Building a career is at the forefront of every individual's agenda during their professional journey. One such group of professionals is those who carry student debt going into the workforce. Bridgewater Associates' Chief Diversity Officer observed that a higher-paying job is especially attractive to individuals who have student debt. But is taking a higher-paying job the right choice in building a successful career long term?
Goals vs. Aspirations
Though income is an important aspect of job hunting, it should not be the only thing an individual should focus on. An individual needs to keep in mind the long-term goal they set for their career development. To do this, you first need to distinguish between goals and aspirations. Goals are more concrete, with a set timeline and aim you wish to achieve. Following those concrete goals, when an opportunity is presented to you, it is important to evaluate the intangibles or hidden aspects of the opportunity as well.
Be conscious of the outcome
What are these intangibles and hidden aspects of a job? The first is if it is a short-term or long-term opportunity. The financial compensation may be high for a position, but the turnover rate may also be high or there may not be many avenues of advancing your position within the firm. In such a case, you are not building a career, instead settling for a high salary (even that only in the short term). With a long-term opportunity, you can climb the ladder, develop new skills, and make important connections. Therefore, it is important to also assess who you will be working with or working under when presented with an opportunity. Will the individual you work under a possible mentor who will help you develop as a professional or will you just be working in isolation completing tasks? Which scenario seems the better fit for long-term development?
An option made to fit your needs
An Income Share Agreement is an option that provides flexibility to individuals with student debt so that they do not have to make career decisions under financial duress. With an ISA, you will not be required to pay a fixed amount and neither is it debt. With this flexibility, a person with ISA can take more of a risk and go for that opportunity where they want to work under a certain mentor or within a certain industry. This flexibility will allow them to advance in the long term, as compared to someone who has to take a job based on the short-term advantage. This is even more important considering that your job at the start of your professional career is detrimental in setting the course of your long-term professional career.
